SCHEDULE YOUR 2011 ESTATE PLAN REVIEW

Schedule Your 2011 Estate Plan Review

Posted By
Davidov Law Group

When you are in the business of estate planning you have an uphill battle
when it comes to the matter of procrastination. People have a tendency
to postpone the things that don’t seem to be immediately relevant
to them, and nothing could fit this description more aptly than preparing
for death.

Though it is easy to relate to this line of thinking it can be quite problematic,
because however we may think about it, we all do pass away. And in a significant
percentage of cases the ideal amount of forewarning is not forthcoming.
Death is often preceded by a period of decreased mental and physical capabilities,
so if you put off planning your estate too long it may not be possible
for you to do it properly.

This having been said, sooner or later most people do finally get around
to planning their estates, but this is just the first step. When you put
an initial estate plan in place you will be working with personal and
societal realities as they exist at that particular point in time. Things
are constantly in flux, and on the one hand you go through changes that
are specific to your own life. Your marital status may change, you might
buy or sell a business, and the value of your investments may fluctuate
significantly. All of these things could warrant adjustments in your estate plan.

There are also things that take place that impact the society as a whole
that are relevant to your estate plan. A prime example is the new tax
legislation that was passed in the middle of December. The Federal estate
tax exclusion was scheduled to be just $1 million in 2011, but it has
been raised all the way up to $5 million. In addition, the top rate has
been reduced to 35%. These alterations are limited in time, and are due
to expire at the end of 2012, when the estate tax exemption will be reduced
back to $1 million with the top rate of 55%. Also, New York State’s
estate tax exemption remains at $1 million. These changes are very relevant
to many taxpayers, making a 2011 estate plan review a must. Do the right
thing and make an appointment with your estate planning attorney sooner
rather than later to discuss how these changes affect your present plan
and what adjustments might be necessary going forward.

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.